REC wins Best Green Bond – Corporate Award at The Asset Triple A Awards for Sustainable Finance
Gurugram, 5th February, 2024: REC Limited, a Maharatna CPSE under the Ministry of Power and a leading NBFC, has been bestowed with the prestigious Best Green Bond – Corporate Award at The Asset Triple A Awards for Sustainable Finance 2024. This recognition underscores REC Limited’s unwavering commitment to sophisticated capital market instruments and customized financing solutions in advancing sustainable finance and fostering environmental stewardship.
REC has received the award for issuance of $750 million USD Green Bonds issued in April 2023 which was also the first USD Green Bond issuance from India post India’s G20 Presidency and the largest ever Senior Green Bond Tranche by a South & South-East Asian issuer. The bond issue was priced at a minimum new issue premium of 7.5 bps, which was tighter than the most recent high-rated issuances from the region.
The issue was well received by the investors for REC’s significant contribution to financing projects aimed at mitigating climate change and promoting environmental sustainability. This recognition represents a milestone in REC Limited’s dedication to support initiatives that drive positive environmental impact and foster sustainable development.
Shri Vivek Kumar Dewangan, Chairman & Managing Director, REC Limited, said, “We are delighted to receive this award, which reaffirms our commitment to sustainable finance and underscores our efforts to accelerate the transition towards a greener and more sustainable future at competitive costs. In addition to the USD Green Bonds of USD 750 Million issued in April 2023, REC also priced its inaugural Euro-Yen Green bonds of JPY 61.1 Billion in January 2024, which was the largest Yen Bond issuance by an Indian corporate. As such, REC stands resolute in its pledge to promote green and clean energy through these Green issuances.“
The Asset Triple A Awards are pre-eminent recognition for those organizations that have excelled in their respective industry. With over two decades of experience conducting awards programmes, The Asset Triple A Awards reflect unparalleled industry understanding to be able to distinguish best-in-class organizations.
The Asset Triple A Awards programmes are built upon a stringent methodology that is combined with a rigorous approach in selecting the best institutions and deals. The awards are adjudicated by The Asset’s board of editors who are regarded as the most experienced and collectively have several decades’ worth of evaluating industry awards.